New Delhi, Nov. 1 -- State Farm Insurance has announced a significant rate reduction for its auto insurance policyholders in Florida, bringing some long-awaited relief to drivers across the state. State Farm's auto premiums will fall by an average of 10% - if approved - resulting in about $400 in annual savings per vehicle.

The move comes as part of a broader effort to stabilize Florida's insurance market, which has long been plagued by high costs and litigation expenses. According to filings with the Florida Office of Insurance Regulation, the latest cuts add up to a total of $1 billion in savings when combined with previous reductions over the last two years.

State Farm remains one of the biggest names in the US insurance landscape - ...